Dear Valued Customers,
Welcome to 2021! As 2020 draws to a close, we look with renewed optimism to 2021.
Here at 3E Accounting, we’re starting 2021 strong as we celebrate our 10th Anniversary as Asia-Pacific’s First Robotics Accounting Firm. We want to thank all our clients for having faith and trust in us to brave the COVID storm alongside us as we adopted technology for the robotics transformation of the business. Thank you for your continuous support, we couldn’t have done it without you.
Let me share some recaps of the major events since we last touched base.
What’s Been Happening in Singapore
As Asia-Pacific’s first robotics accounting firm, 3E Accounting invested over S$2.0 million in technology growth. To spur these efforts, I set up an in-house Digital Research & Development team who formulated our Digital Master Plan for the digital transformation of the business in support of Accountancy Industry Digital Plan (IDP). I’m pleased to say that the team has successfully achieved its KPIs. Now, all our processes are 100% digital and paperless, enabled by the deployment of Cloud computing and automation solutions, resulting in a 50% increase in productivity.
The Start of Mutually Beneficial Agreement with United Kingdom (UK)
10 December 2020 was a remarkable date when Singapore and UK signed a Free Trade Agreement (FTA). The FTA allows both countries to enjoy mutual benefits, spanning over £17 billion (S$30.4 billion) of current bilateral trade in goods and services.
What does this deal mean? For starters, 84% of all tariffs for Singapore exports to the UK will be eliminated. By November 2024, all remaining tariffs will no longer be applicable. This deal aims to strengthen the bi-lateral relationship between Singapore and the EU, with hopes that this agreement will lead to an EU-ASEAN FTA enhancing region-to-region connectivity.
What’s Been Happening in Malaysia
Malaysia stayed true to its commitment to propel the local industry and businesses toward automation and digitalisation. The Malaysian government introduced the Smart Automation Grant for businesses. The grant will help to ensure the industry remains competitive. Introduced by the Malaysian Investment Development Authority (MIDA), it will be used specifically for automation in small and medium enterprises (SMEs).
The Smart Automation Grant (SAG) for businesses aims to reduce operating costs and boost their readiness for the future. The grant awarded can go up to a maximum of RM1 million per company. While the initial investment for automation may seem large, there is infinite business potential to be yielded.
An Initiative for Malaysia’s Youth
The Federal Territories Ministry in Malaysia seeks to provide entrepreneurs with 2,000 business lots. To do this, they introduced the City Youth Entrepreneurs Programme. This includes entrepreneurs in Kuala Lumpur (KL) and Putrajaya. The programme has been well received with a very large number of applicants. While priority is given to youths aged 18 to 36 years who have recently lost their jobs, applicants who display extensive knowledge in the areas they applied for will have a competitive advantage over others for the business opportunity.
The Youth Entrepreneurs Programme is a programme that has created new business opportunities in Malaysia. It is wonderful news for aspiring entrepreneurs to start their businesses. I’m excited to see how the young entrepreneurs in Malaysia will flourish under this initiative.
What’s Been Happening in Hong Kong
Over in Hong Kong, the Government is providing support for Hong Kong businesses that have been affected by the pandemic. These are mostly SMEs because SMEs’ trading activities tend to focus on a smaller market or niche.
To help get SMEs back on their feet, the government is providing a funding scheme for SMEs. This includes guarantee back for bank loans, export marketing activities sponsorship and SME development project funds. Apart from that, local SMEs in Hong Kong are supported in the areas of exporting, adopting innovation and technology, business advice, and capital management. The Hong Kong government will continue to provide resolute support to ensure businesses can stay afloat and sustain jobs.
Nominated for UN Women 2020 Asia-Pacific WEPs Awards
I am very pleased to say that 3E Accounting was recognised as a champion of gender equality by the United Nations (UN). We were shortlisted as nominee at the UN Women 2020 Asia-Pacific Women’s Empowerment Principles (WEP) Awards. This is testament to the responsibility and care that 3E Accounting extends towards our staff and stakeholders as a socially-responsible business with fair employment practices.
UN WEP Awards aim to encourage, value and recognise the efforts of individuals and businesses that promote gender-inclusive workplace cultures and the attainment of gender equality. At 3E Accounting, I have always regarded my employees as our greatest asset. 3E employees enjoy benefits across life stages such as maternity leave, paternity leave, flexible working hours and family care leave. This enables them to balance and manage the multiple roles they play at each phase of life. As the company’s greatest asset, happy employees are more productive and take greater responsibility for their duties. This leads to more delightful client experiences and a positive workplace culture and environment.
From all of us at 3E Accounting, I wish you all the best as we head into a new year!
Thank you.
Lawrence Chai
Founder, 3E Accounting Group
Read More in our E-Newsletter January 2021.
